Verdict – Short-term neutral to bullish.
DCE iron ore September contract tested the support near 780.0, however resisted by 777.0 with expanding volume. 777.0 – 780.0 would still become an important support level in mid-run. Hourly slow stocahstic KD created gold cross above oversold area. Hourly MACD potentially create gold cross. Short-run technical signals were indicating a potential to test high in next few sessions. Be aware of 839.5, which was the shoulder resistance area.
The first support is 800.0,the first resistance is 839.5
